Assume a nation's current production possibilities are represented by the curve AB in the above diagram. Positive economic growth would best be indicated by a:
A. shift in the curve from AB to CD.
B. movement from point 3 to point 4.
C. shift in the curve from AB to EF.
D. movement from point 1 to point 2.
Answer: A
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Indirect taxes are levied on
a. spending b. saving c. income d. wealth e. none of the above
Which curve summarizes inequality visually?
A. Laffer curve B. Income Inequality curve C. Gini curve D. Lorenz curve
In the U.S. Steel case of 1920, the courts held that:
the structure of an industry is more important than its behavior in determining violations of the antitrust laws. B. any firm that faces substantial import competition is exempt from the antitrust laws. C. although U.S. Steel possessed monopoly power, it had not violated the Sherman Act because it had not unreasonably used that power. D. the fact that U.S. Steel possessed monopoly power was a violation of the Sherman Act.
A retail shop has an outside display which has the time and temperature that is always correct. This is an example of
A. a negative externality. B. a positive externality. C. an interference in the workings of the price system. D. a breakdown in communication between the shop and its customers.